N.J. Admin. Code § 11:5-8.2

Current through Register Vol. 56, No. 24, December 18, 2024

Section 11:5-8.2 - Real estate guaranty fund

(a) Every real estate licensee shall pay an additional amount as specified in N.J.S.A. 45:15-35 with their application for a license.

1. Said fees shall be paid into the real estate guaranty fund and be utilized in accordance with N.J.S.A. 45:15-34 et seq.

(b) Before making a request for the entry of a court order directing payment from the real estate guaranty fund, a judgment credit shall have a writ of execution issued and prior to its return shall make a bona fide effort to examine the judgment debtor under oath and make any and all other reasonable searches and inquiries to ascertain whether the judgment debtor possesses real or personal property or other assets, liable to be sold or applied in satisfaction of the judgment in whole or in part. Information regarding any personal or real property or other assets liable to be sold or applied in satisfaction of the judgment which are discovered must be reported in writing to the officer to whom the writ of execution is directed.

N.J. Admin. Code § 11:5-8.2

New Rule, R.1981 d.252, effective 7/9/1981.
See: 13 N.J.R. 306(a), 13 N.J.R. 441(a).
Amended by R.1991 d.114, effective 3/4/1991.
See: 22 N.J.R. 3688(a), 23 N.J.R. 701(a).
Imposed special assessment on license renewals after January 1, 1991.
Amended by R.1993 d.153, effective 4/5/1993.
See: 25 N.J.R. 56(b), 25 N.J.R. 1548(a).
In (a), specified assessment amounts established by N.J.S.A. 45:15-35.
Amended by R.2012 d.006, effective 1/3/2012.
See: 43 N.J.R. 1791(a), 44 N.J.R. 86(b).
Rewrote the introductory paragraph of (a).